How can New Zealand citizens get home loans in Australia?
Australia and New Zealand have close relationships because they both share the British colonial heritage. Under the Trans-Tasman Travel Agreement of 1973, the free movement of citizens between the two countries is allowed. So it is very common for New Zealanders to settle in Australia by buying urban property in the country.
If you are a New Zealand citizen who has moved to Australia permanently and want to obtain a home loan in Australia, you must have:
>> A minimum deposit of 5% and
>> You must have a good job
You have the same eligibility criteria as Australian citizens when it comes to obtaining a loan to purchase a home for your primary residence or for investment purposes. You can take advantage of the following government benefits and concessions:
>> Full range of home loan products
>> Standard interest rates
>> Up to 95% loan-to-value ratio
>> First Home Owner Grant Scheme (FHOG)
>> Concessions of stamp rights, and
>> Does not need approval from the Foreign Investment Review Board (FIRB)
Can I get a home loan in Australia to buy a property even if I still want to live in New Zealand?
Interestingly, home loans are also available in Australia if you want to continue living and working in New Zealand. You can get stress-free mortgage financing to buy investment property in Australia.
What are the necessary documents to obtain a home loan in Australia?
New Zealand citizens wanting to live and work in New Zealand and seeking housing finance in Australia will need to provide the following documents:
>> Identification of documents
>> Most recent pay stubs
>> Bank statements confirming where the salary is deposited and
>> Copies of statements from credit cards, personal loans and savings accounts
What Home Loan Products and Features Can I Get?
It has a full range of loan products. You can get normal standard interest rate charges and various additional features like redraw facility and 100% clearing account. You will also have the option to decide if you want to:
>> A fixed-term product, a variable-rate product, or a combination of a fixed and variable-rate product, or
>> Make repayments as interest only or as principal and interest (P&I)
If I want to get a home loan, what will Australian lenders / credit providers require of me?
Most Australian lenders / credit providers will impose the following requirements:
>> A loan must be for the purchase of new or existing owner-occupied residential homes or investment property
>> A loan can be for the construction of a new residential building or an extension or renovation.
>> A loan can be used to refinance existing owner-occupied home loans or investment loans
>> Some lenders / credit providers may even allow personal debt consolidation or principal release (cash payments)
If you are overwhelmed by the requirements of the lender / credit provider, don’t worry. There are many finance brokerage firms in Australia that will help you complete your loan process quickly. However, you should make sure that you choose a reputable and experienced company because it will make home loan solutions pleasant and easy for you.